We are investigating Sonim Technologies, Inc. (SONM) (“Sonim” or the “Company”) for potential violations of the federal securities laws.
In May 2019, Sonim conducted its initial public offering (“IPO”), selling approximately 4.07 million shares of common stock priced at $11.00 per share. Then, on September 10, 2019, Sonim stated that it expected fiscal 2019 net revenues to be flat or slightly below 2018 net revenues of $135.7 million, citing “significant delays” in the launch of new products as well as software issues related to these new introductions. Moreover, Sonim disclosed that James Walker “will cease serving as the Company’s Chief Financial Officer.” On this news, the Company’s share price fell $3.30, or nearly 47%, to close at $3.76 per share on September 10, 2019, on unusually heavy trading volume. Since the IPO, Sonim’s stock price has closed as low as $2.83 per share, representing a decline of more than 74% from the IPO price.